Offshore staff

SOUTH PERTH, Western Australia –Cooper Energy has agreed to farm into 35% of the Hammamet PSC offshore Tunisia. Cooper holds 100% of the adjacent Bargou permit area.

The farm-in is subject to the approval of the Government of Tunisia.

The first well on the PSC is expected to cost between $15-25 million (100% Joint Venture), depending on the prospect selected, water depth at the prospect, day-rate on the rig and the final well design.

The Hammamet PSC is currently 100% owned and operated by Storm Ventures International Inc. Storm operates three permits in Tunisia and will remain the operator of the Hammamet PSC. During 2007, Storm acquired 402 sq km (155 sq mi) of 3D and 240 km (149 mi) of 2D seismic over the exploration prospects and the Tazerka field with a view to identifying the first drilling target.

10/22/2007